U.S. private equity firm Clayton, Dubilier & Rice (CD&R) has announced a new £7 billion ($9.54 billion) bid for supermarket Morrisons. The deal has been unanimously accepted by the board of the grocer and directors have said shareholders should vote in favour of the takeover at a meeting due in early October. It means the company has withdrawn its recommendation for investors to accept a previous £6.7 billion ($9.13 billion) takeover deal from a consortium led by rival private equity firm Fortress. Last week, CD&R was given an extended deadline until Friday afternoon by takeover regulators to either say whether it wants to make a new offer for Morrisons, or to walk away. CD&R had originally been turned down by the Morrisons board over a potential £5.5 billion ($7.49 billion) bid. In June, the board said the offer “significantly undervalued Morrisons and its future prospects.” Since then CD&R has been …
Bidding War Heats up at Morrisons With New £7 Billion Bid by US Private Equity Firm
August 20, 2021
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